First National Bank (FNB) has until 31 March to file its expert witness report in the interest rates discrimination case which is in the Western Cape Equality Court.
In a class action represented by Magdalena Pietersen, Lukas Maarman and Soon Boesak, thousands of low cost housing bond holders – all Black and living in townships – have accused FNB of charging them interest rates higher than those of their counterparts who hold high-cost home loans and denying them the benefits of interest rate cuts. Furthermore, a large percentage of them were charged interest rates above the permissible amount in terms of the Usury Act. Liliandah Chokwe, for example, was charged 21.5% on her home loan at a time when banks were allowed to charge unto 14% interest and no more. This was a shocking 7.5% more than was allowed in terms of the law. http://uncensoredopinion.co.za/blacks-robbed-fnb-running-patience/
The complainants in the case have long submitted their evidence while FNB has failed to submit their counter report. In the event that FNB fails to submit their expert report at the end of the month, the complainants have vowed to proceed with an immediate court action compelling FNB to submit their report